MSNBC – Fresh from his June victory against the Securities & Exchange Commission — in which a federal appeals court tossed out a controversial SEC rule requiring hedge funds to register with theagency — Phillip Goldstein is gearing up for another battle. Within the next month or so, the activist hedge fund manager at Saddle Brook [N.J.]-based Bulldog Investors will file an application toexempt his fund from the SEC’s so-called 13F rule that requires money managers with more than $100 million in stocks to disclose all holdings each quarter.<\/p>\n
Goldstein contends that his stock holdings are “trade secrets,” much like the protected formula used to make Coke (KO). His application states that complying with the 13F rule “constitute[s] a ‘taking’ of [the fund’s] property without just compensation in violation of the Fifth Amendment to the Constitution.”<\/p>\n